diff --git a/docs/design/619-stakeholder-token-permission-example/README.md b/docs/design/619-stakeholder-token-permission-example/README.md
index 16c9c02..42cd5fb 100644
--- a/docs/design/619-stakeholder-token-permission-example/README.md
+++ b/docs/design/619-stakeholder-token-permission-example/README.md
@@ -13,7 +13,7 @@
 - `CB_AGENT_BEARER_KEY.STAKEHOLDER_USER_ID`가 `KB_STAKEHOLDERS.USER_ID`를 가리킨다. 기존 숫자형 `USER_ID`는 기존 기능 호환용 application-user bridge로 유지한다.
 - 이해당사자마다 `CB_APP_USER.STAKEHOLDER_USER_ID` bridge를 하나 만들고, `KB_STAKEHOLDERS.ROLE`이 `지점장`이면 `KB_BRANCH_MANAGER_ROLE`, `설계사`이면 `KB_DESIGNER_ROLE`을 부여한다. 다른 역할은 토큰은 발급되지만 별도 권한을 추가하기 전까지 fail-closed다.
 - VPD package는 토큰에서 `STAKEHOLDER_USER_ID`, `STAKEHOLDER_ROLE`, 정규화된 `STAKEHOLDER_CHANNEL`을 application context에 설정한다. `설계사채널 → 설계사`, `GA채널 → GA`를 정규화한다.
-- `지점장` 여부는 package의 하드코딩 분기가 아니라 `KB_BRANCH_MANAGER_ROLE`에 부여된 접근 규칙으로 결정한다.
+- `지점장` 여부는 package의 하드코딩 분기가 아니라 `KB_BRANCH_MANAGER_ROLE`의 rule value(`지점장`)와 `KB_STAKEHOLDERS.ROLE` 일치로 결정한다. 설계사 분기는 같은 방식으로 `설계사`를 확인한다.
 - `RLS_FILTER`의 문자열은 실행하지 않는다. 권한 테이블에 저장된 allowlist rule type만 predicate로 변환한다.
 
 ## 3. 예제 권한
@@ -26,7 +26,27 @@
 | KB_BRANCH_MANAGER_ROLE | 고객·담보·청구·외부보유 | `CUST_ID / STAKEHOLDER_CHANNEL` | 같은 채널 고객 기준 |
 | 두 역할 | KB_STAKEHOLDERS | `USER_ID / STAKEHOLDER_SELF` | 토큰 주체 자신의 매핑 행 |
 
-`STAKEHOLDER_SELF`와 `STAKEHOLDER_CHANNEL`은 접근 규칙 화면에서 선택 가능한 행 규칙이다. `FC_ID`/`FC_CHANNEL`에서는 직접 비교하고, `CUST_ID`/`CONTRACT_NO`에서는 계약원장과 안전한 EXISTS 조인으로 변환한다.
+`STAKEHOLDER_SELF`와 `STAKEHOLDER_CHANNEL`은 접근 규칙 화면에서 선택 가능한 행 규칙이다. 두 규칙에는 대상 컬럼과 업무 역할값을 함께 저장한다. Bearer Token을 해석할 때 `KB_STAKEHOLDERS`를 한 번만 조회해 `STAKEHOLDER_USER_ID`, `STAKEHOLDER_ROLE`, `STAKEHOLDER_CHANNEL` secure context를 만들고, 이후 `FC_ID`/`FC_CHANNEL`과 `CUST_ID`/`CONTRACT_NO` 조건은 계약원장과 그 context만 사용한다. 허용된 역할별 분기는 **OR**로 합쳐진다.
+
+```sql
+-- 고객·청구·외부보유의 CUST_ID 예시: 역할별 허용 분기
+EXISTS (
+  SELECT 1
+  FROM POC_2.KB_CONTRACTS c
+  WHERE c.CUST_ID = <현재행>.CUST_ID
+    AND SYS_CONTEXT('CB_AGENT_CTX', 'STAKEHOLDER_ROLE') = '설계사'
+    AND c.FC_ID = SYS_CONTEXT('CB_AGENT_CTX', 'STAKEHOLDER_USER_ID')
+)
+OR EXISTS (
+  SELECT 1
+  FROM POC_2.KB_CONTRACTS c
+  WHERE c.CUST_ID = <현재행>.CUST_ID
+    AND SYS_CONTEXT('CB_AGENT_CTX', 'STAKEHOLDER_ROLE') = '지점장'
+    AND c.FC_CHANNEL = SYS_CONTEXT('CB_AGENT_CTX', 'STAKEHOLDER_CHANNEL')
+)
+```
+
+위의 `'설계사'`/`'지점장'`은 함수 하드코딩이 아니라 각 permission rule의 `rule_value`에서 온다. 토큰 원문은 predicate에 노출하지 않으며, `CB_AGENT_BEARER_KEY → KB_STAKEHOLDERS`에서 한 번 검증·해석한 subject context만 사용한다.
 
 ## 4. CLS / NULL 처리
 
@@ -75,7 +95,7 @@ Bearer Token → CB_AGENT_CTX_PKG → application context
 
 ### 2026-07-07 배포 검증 결과
 
-- Maven 테스트 77건 통과.
+- Maven 테스트 78건 통과.
 - HTTPS 인증 요청으로 `/permissions`, `/tokens`가 각각 200을 반환했다. 기존 `/permissions`의 잘못된 Thymeleaf fallback 표현식도 함께 수정했다.
 - `CB_APP_USER` bridge 13명, 지점장 역할 2명, 설계사 역할 5명이 동기화됐다.
 - `POC_2`에 행 VPD 7개와 민감 컬럼 NULL VPD policy 7개, 관련 CLS 함수 7개가 모두 `VALID` 상태로 확인됐다.
diff --git a/sql/adb/26_agent_ords_security_dynamic_vpd_filter.sql b/sql/adb/26_agent_ords_security_dynamic_vpd_filter.sql
index 73fda73..238f340 100644
--- a/sql/adb/26_agent_ords_security_dynamic_vpd_filter.sql
+++ b/sql/adb/26_agent_ords_security_dynamic_vpd_filter.sql
@@ -170,56 +170,79 @@ BEGIN
           );
         END IF;
       ELSIF r.rule_type IN ('STAKEHOLDER_SELF', 'STAKEHOLDER_CHANNEL') THEN
-        -- 업무 사용자 원장(KB_STAKEHOLDERS)에서 해석한 토큰 주체를 쓴다.
-        -- CUST_ID/CONTRACT_NO는 계약원장을 한 단계 감싼 EXISTS로만 연결해
-        -- 임의 SQL이나 외부 rule text가 predicate에 섞이지 않게 한다.
+        -- CB_AGENT_CTX_PKG가 Bearer token -> KB_STAKEHOLDERS를 한 번
+        -- 해석해 USER_ID/ROLE/CHANNEL을 secure context로 설정한다.
+        -- 따라서 보호 테이블 predicate에서 KB_STAKEHOLDERS를 다시 조인하지
+        -- 않고, 해당 context와 KB_CONTRACTS 관계만 사용한다.
         v_column := safe_column(p_schema, p_object, r.rule_column);
         IF v_column IS NOT NULL
            AND UPPER(p_schema) = 'POC_2' THEN
-          IF r.rule_type = 'STAKEHOLDER_SELF'
-             AND ((v_target = 'KB_CONTRACTS' AND v_column = 'FC_ID')
-                  OR (v_target = 'KB_STAKEHOLDERS' AND v_column = 'USER_ID')) THEN
-            append_or(
-              r.permission_effect,
-              v_column || ' = SYS_CONTEXT(''CB_AGENT_CTX'', ''STAKEHOLDER_USER_ID'')'
-            );
-          ELSIF r.rule_type = 'STAKEHOLDER_CHANNEL'
-                AND v_target = 'KB_CONTRACTS'
-                AND v_column = 'FC_CHANNEL' THEN
-            append_or(
-              r.permission_effect,
-              v_column || ' = SYS_CONTEXT(''CB_AGENT_CTX'', ''STAKEHOLDER_CHANNEL'')'
-            );
-          ELSIF v_target IN ('KB_CUSTOMERS', 'KB_COVERAGES', 'KB_CLAIMS', 'KB_EXTERNAL_HOLDINGS')
-                AND v_column IN ('CUST_ID', 'CONTRACT_NO') THEN
-            DECLARE
-              v_contract_key VARCHAR2(30);
-              v_context_key  VARCHAR2(30);
-              v_context_name VARCHAR2(30);
-            BEGIN
+          DECLARE
+            v_contract_key  VARCHAR2(30);
+            v_role_condition VARCHAR2(500);
+          BEGIN
+            -- 각 ALLOW rule은 append_or로 OR 분기가 된다. rule_value는
+            -- 권한 설정에 저장된 해당 분기의 역할값이다. identity rule은
+            -- NULL value를 허용해 모든 토큰 주체가 자기 mapping을 해석한다.
+            v_role_condition := CASE
+              WHEN TRIM(r.rule_value) IS NULL THEN '1 = 1'
+              ELSE 'SYS_CONTEXT(''CB_AGENT_CTX'', ''STAKEHOLDER_ROLE'') = '
+                   || quote_literal(TRIM(r.rule_value))
+            END;
+
+            IF r.rule_type = 'STAKEHOLDER_SELF'
+               AND v_target = 'KB_CONTRACTS'
+               AND v_column = 'FC_ID' THEN
+              append_or(
+                r.permission_effect,
+                '(' || v_role_condition ||
+                ' AND FC_ID = SYS_CONTEXT(''CB_AGENT_CTX'', ''STAKEHOLDER_USER_ID''))'
+              );
+            ELSIF r.rule_type = 'STAKEHOLDER_CHANNEL'
+                  AND v_target = 'KB_CONTRACTS'
+                  AND v_column = 'FC_CHANNEL' THEN
+              append_or(
+                r.permission_effect,
+                '(' || v_role_condition ||
+                ' AND FC_CHANNEL = SYS_CONTEXT(''CB_AGENT_CTX'', ''STAKEHOLDER_CHANNEL''))'
+              );
+            ELSIF r.rule_type = 'STAKEHOLDER_SELF'
+                  AND v_target = 'KB_STAKEHOLDERS'
+                  AND v_column = 'USER_ID' THEN
+              append_or(
+                r.permission_effect,
+                '(' || v_role_condition ||
+                ' AND USER_ID = SYS_CONTEXT(''CB_AGENT_CTX'', ''STAKEHOLDER_USER_ID''))'
+              );
+            ELSIF v_target IN ('KB_CUSTOMERS', 'KB_COVERAGES', 'KB_CLAIMS', 'KB_EXTERNAL_HOLDINGS')
+                  AND v_column IN ('CUST_ID', 'CONTRACT_NO') THEN
               v_contract_key := CASE v_column
                 WHEN 'CUST_ID' THEN 'CUST_ID'
                 WHEN 'CONTRACT_NO' THEN 'CONTRACT_NO'
               END;
-              v_context_key := CASE r.rule_type
-                WHEN 'STAKEHOLDER_SELF' THEN 'FC_ID'
-                ELSE 'FC_CHANNEL'
-              END;
-              v_context_name := CASE r.rule_type
-                WHEN 'STAKEHOLDER_SELF' THEN 'STAKEHOLDER_USER_ID'
-                ELSE 'STAKEHOLDER_CHANNEL'
-              END;
-              append_or(
-                r.permission_effect,
-                'EXISTS (SELECT 1 FROM (' ||
-                'SELECT c.' || v_contract_key || ' AS access_key ' ||
-                'FROM POC_2.KB_CONTRACTS c ' ||
-                'WHERE c.' || v_context_key || ' = SYS_CONTEXT(''CB_AGENT_CTX'', ''' ||
-                v_context_name || ''')) allowed_contract ' ||
-                'WHERE allowed_contract.access_key = ' || v_column || ')'
-              );
-            END;
-          END IF;
+              IF r.rule_type = 'STAKEHOLDER_SELF' THEN
+                append_or(
+                  r.permission_effect,
+                  'EXISTS (SELECT 1 FROM (' ||
+                  'SELECT c.' || v_contract_key || ' AS access_key ' ||
+                  'FROM POC_2.KB_CONTRACTS c ' ||
+                  'WHERE ' || v_role_condition ||
+                  ' AND c.FC_ID = SYS_CONTEXT(''CB_AGENT_CTX'', ''STAKEHOLDER_USER_ID'')) allowed_contract ' ||
+                  'WHERE allowed_contract.access_key = ' || v_column || ')'
+                );
+              ELSE
+                append_or(
+                  r.permission_effect,
+                  'EXISTS (SELECT 1 FROM (' ||
+                  'SELECT c.' || v_contract_key || ' AS access_key ' ||
+                  'FROM POC_2.KB_CONTRACTS c ' ||
+                  'WHERE ' || v_role_condition ||
+                  ' AND c.FC_CHANNEL = SYS_CONTEXT(''CB_AGENT_CTX'', ''STAKEHOLDER_CHANNEL'')) allowed_contract ' ||
+                  'WHERE allowed_contract.access_key = ' || v_column || ')'
+                );
+              END IF;
+            END IF;
+          END;
         END IF;
       ELSIF r.rule_type = '=' THEN
         v_column := safe_column(p_schema, p_object, r.rule_column);
diff --git a/sql/adb/46_kb_stakeholder_token_permission_example.sql b/sql/adb/46_kb_stakeholder_token_permission_example.sql
index 4cfda01..0e3dd10 100644
--- a/sql/adb/46_kb_stakeholder_token_permission_example.sql
+++ b/sql/adb/46_kb_stakeholder_token_permission_example.sql
@@ -313,7 +313,8 @@ DECLARE
       p_role_id     IN NUMBER,
       p_target_name IN VARCHAR2,
       p_rule_column IN VARCHAR2,
-      p_rule_type   IN VARCHAR2
+      p_rule_type   IN VARCHAR2,
+      p_rule_value  IN VARCHAR2
   ) IS
     v_permission_id NUMBER;
   BEGIN
@@ -328,7 +329,7 @@ DECLARE
       INSERT INTO cb_permission(perm_id, role_id, target_name, action_name, permission_effect)
       VALUES (v_permission_id, p_role_id, p_target_name, 'SELECT', 'ALLOW');
       INSERT INTO cb_permission_rule(rule_id, perm_id, rule_column, rule_type, rule_value)
-      VALUES (cb_permission_rule_seq.NEXTVAL, v_permission_id, p_rule_column, p_rule_type, NULL);
+      VALUES (cb_permission_rule_seq.NEXTVAL, v_permission_id, p_rule_column, p_rule_type, p_rule_value);
   END;
 BEGIN
   ensure_role('KB_DESIGNER_ROLE', 'CONFIDENTIAL', v_designer_role_id);
@@ -382,20 +383,20 @@ BEGIN
 
   -- 토큰은 모든 이해당사자에게 발급되지만, 아래 역할이 없는 주체는
   -- 권한 레코드가 없으므로 VPD가 1=0으로 fail-closed 된다.
-  ensure_permission(v_designer_role_id, 'KB_STAKEHOLDERS', 'USER_ID', 'STAKEHOLDER_SELF');
-  ensure_permission(v_manager_role_id,  'KB_STAKEHOLDERS', 'USER_ID', 'STAKEHOLDER_SELF');
-  ensure_permission(v_designer_role_id, 'KB_PRODUCTS', NULL, 'ALL');
-  ensure_permission(v_manager_role_id,  'KB_PRODUCTS', NULL, 'ALL');
-  ensure_permission(v_designer_role_id, 'KB_CONTRACTS', 'FC_ID', 'STAKEHOLDER_SELF');
-  ensure_permission(v_manager_role_id,  'KB_CONTRACTS', 'FC_CHANNEL', 'STAKEHOLDER_CHANNEL');
-  ensure_permission(v_designer_role_id, 'KB_CUSTOMERS', 'CUST_ID', 'STAKEHOLDER_SELF');
-  ensure_permission(v_manager_role_id,  'KB_CUSTOMERS', 'CUST_ID', 'STAKEHOLDER_CHANNEL');
-  ensure_permission(v_designer_role_id, 'KB_COVERAGES', 'CUST_ID', 'STAKEHOLDER_SELF');
-  ensure_permission(v_manager_role_id,  'KB_COVERAGES', 'CUST_ID', 'STAKEHOLDER_CHANNEL');
-  ensure_permission(v_designer_role_id, 'KB_CLAIMS', 'CUST_ID', 'STAKEHOLDER_SELF');
-  ensure_permission(v_manager_role_id,  'KB_CLAIMS', 'CUST_ID', 'STAKEHOLDER_CHANNEL');
-  ensure_permission(v_designer_role_id, 'KB_EXTERNAL_HOLDINGS', 'CUST_ID', 'STAKEHOLDER_SELF');
-  ensure_permission(v_manager_role_id,  'KB_EXTERNAL_HOLDINGS', 'CUST_ID', 'STAKEHOLDER_CHANNEL');
+  ensure_permission(v_designer_role_id, 'KB_STAKEHOLDERS', 'USER_ID', 'STAKEHOLDER_SELF', '설계사');
+  ensure_permission(v_manager_role_id,  'KB_STAKEHOLDERS', 'USER_ID', 'STAKEHOLDER_SELF', '지점장');
+  ensure_permission(v_designer_role_id, 'KB_PRODUCTS', NULL, 'ALL', NULL);
+  ensure_permission(v_manager_role_id,  'KB_PRODUCTS', NULL, 'ALL', NULL);
+  ensure_permission(v_designer_role_id, 'KB_CONTRACTS', 'FC_ID', 'STAKEHOLDER_SELF', '설계사');
+  ensure_permission(v_manager_role_id,  'KB_CONTRACTS', 'FC_CHANNEL', 'STAKEHOLDER_CHANNEL', '지점장');
+  ensure_permission(v_designer_role_id, 'KB_CUSTOMERS', 'CUST_ID', 'STAKEHOLDER_SELF', '설계사');
+  ensure_permission(v_manager_role_id,  'KB_CUSTOMERS', 'CUST_ID', 'STAKEHOLDER_CHANNEL', '지점장');
+  ensure_permission(v_designer_role_id, 'KB_COVERAGES', 'CUST_ID', 'STAKEHOLDER_SELF', '설계사');
+  ensure_permission(v_manager_role_id,  'KB_COVERAGES', 'CUST_ID', 'STAKEHOLDER_CHANNEL', '지점장');
+  ensure_permission(v_designer_role_id, 'KB_CLAIMS', 'CUST_ID', 'STAKEHOLDER_SELF', '설계사');
+  ensure_permission(v_manager_role_id,  'KB_CLAIMS', 'CUST_ID', 'STAKEHOLDER_CHANNEL', '지점장');
+  ensure_permission(v_designer_role_id, 'KB_EXTERNAL_HOLDINGS', 'CUST_ID', 'STAKEHOLDER_SELF', '설계사');
+  ensure_permission(v_manager_role_id,  'KB_EXTERNAL_HOLDINGS', 'CUST_ID', 'STAKEHOLDER_CHANNEL', '지점장');
 END;
 /
 COMMIT;
diff --git a/sql/adb/47_kb_stakeholder_permission_or_branches.sql b/sql/adb/47_kb_stakeholder_permission_or_branches.sql
new file mode 100644
index 0000000..070b9c3
--- /dev/null
+++ b/sql/adb/47_kb_stakeholder_permission_or_branches.sql
@@ -0,0 +1,104 @@
+-- ============================================================
+-- 47_kb_stakeholder_permission_or_branches.sql
+--
+-- Refines the KB example so the permission table carries the expected
+-- stakeholder role and each role branch becomes an OR candidate in the
+-- dynamic VPD filter. Execute after 26 and 46 as ADMIN.
+-- ============================================================
+WHENEVER SQLERROR EXIT SQL.SQLCODE
+SET ECHO OFF
+SET FEEDBACK ON
+SET DEFINE OFF
+
+PROMPT === 1. Storing expected stakeholder role in example rules ===
+UPDATE cb_permission_rule r
+SET rule_value = CASE
+  WHEN EXISTS (
+    SELECT 1
+    FROM cb_permission p
+    JOIN cb_app_role ar ON ar.role_id = p.role_id
+    WHERE p.perm_id = r.perm_id
+      AND ar.role_name = 'KB_DESIGNER_ROLE'
+  ) THEN '설계사'
+  WHEN EXISTS (
+    SELECT 1
+    FROM cb_permission p
+    JOIN cb_app_role ar ON ar.role_id = p.role_id
+    WHERE p.perm_id = r.perm_id
+      AND ar.role_name = 'KB_BRANCH_MANAGER_ROLE'
+  ) THEN '지점장'
+END
+WHERE r.rule_type IN ('STAKEHOLDER_SELF', 'STAKEHOLDER_CHANNEL')
+  AND EXISTS (
+    SELECT 1
+    FROM cb_permission p
+    JOIN cb_app_role ar ON ar.role_id = p.role_id
+    WHERE p.perm_id = r.perm_id
+      AND ar.role_name IN ('KB_DESIGNER_ROLE', 'KB_BRANCH_MANAGER_ROLE')
+  );
+
+PROMPT === 2. Adding an identity role so every stakeholder token can resolve itself ===
+DECLARE
+  v_role_id       NUMBER;
+  v_permission_id NUMBER;
+  v_count         NUMBER;
+BEGIN
+  BEGIN
+    SELECT role_id INTO v_role_id
+    FROM cb_app_role
+    WHERE role_name = 'KB_STAKEHOLDER_IDENTITY_ROLE';
+  EXCEPTION
+    WHEN NO_DATA_FOUND THEN
+      SELECT NVL(MAX(role_id), 0) + 1 INTO v_role_id FROM cb_app_role;
+      INSERT INTO cb_app_role(role_id, role_name, max_sensitivity_level)
+      VALUES (v_role_id, 'KB_STAKEHOLDER_IDENTITY_ROLE', 'INTERNAL');
+  END;
+
+  FOR u IN (
+    SELECT user_id
+    FROM cb_app_user
+    WHERE stakeholder_user_id IS NOT NULL
+      AND active = 'Y'
+  ) LOOP
+    SELECT COUNT(*) INTO v_count
+    FROM cb_user_role
+    WHERE user_id = u.user_id
+      AND role_id = v_role_id;
+    IF v_count = 0 THEN
+      INSERT INTO cb_user_role(user_id, role_id) VALUES (u.user_id, v_role_id);
+    END IF;
+  END LOOP;
+
+  BEGIN
+    SELECT perm_id INTO v_permission_id
+    FROM cb_permission
+    WHERE role_id = v_role_id
+      AND target_name = 'KB_STAKEHOLDERS'
+      AND action_name = 'SELECT';
+  EXCEPTION
+    WHEN NO_DATA_FOUND THEN
+      SELECT cb_permission_seq.NEXTVAL INTO v_permission_id FROM dual;
+      INSERT INTO cb_permission(perm_id, role_id, target_name, action_name, permission_effect)
+      VALUES (v_permission_id, v_role_id, 'KB_STAKEHOLDERS', 'SELECT', 'ALLOW');
+      INSERT INTO cb_permission_rule(rule_id, perm_id, rule_column, rule_type, rule_value)
+      VALUES (cb_permission_rule_seq.NEXTVAL, v_permission_id, 'USER_ID', 'STAKEHOLDER_SELF', NULL);
+  END;
+END;
+/
+COMMIT;
+
+PROMPT === 3. Result: role-specific permission branches ===
+SELECT ar.role_name,
+       p.target_name,
+       r.rule_column,
+       r.rule_type,
+       NVL(r.rule_value, '(token role)') AS expected_stakeholder_role
+FROM cb_permission p
+JOIN cb_app_role ar ON ar.role_id = p.role_id
+JOIN cb_permission_rule r ON r.perm_id = p.perm_id
+WHERE ar.role_name IN (
+  'KB_DESIGNER_ROLE', 'KB_BRANCH_MANAGER_ROLE', 'KB_STAKEHOLDER_IDENTITY_ROLE'
+)
+ORDER BY ar.role_name, p.target_name, r.rule_id;
+
+PROMPT === KB role branches are combined as OR by CB_AGENT_DOC_VPD_FILTER ===
diff --git a/src/main/java/com/cloudhandson/vpdbackoffice/service/PermissionService.java b/src/main/java/com/cloudhandson/vpdbackoffice/service/PermissionService.java
index cc0bac2..7de6cf1 100644
--- a/src/main/java/com/cloudhandson/vpdbackoffice/service/PermissionService.java
+++ b/src/main/java/com/cloudhandson/vpdbackoffice/service/PermissionService.java
@@ -24,7 +24,7 @@ public class PermissionService {
       "ALL", "=", "!=", "MY_DEPT", "SELF", "DEPT", "EMP_NO", "TAG",
       "STAKEHOLDER_SELF", "STAKEHOLDER_CHANNEL");
   private static final Set<String> VALUE_REQUIRED_RULE_TYPES = Set.of(
-      "=", "!=", "DEPT", "EMP_NO", "TAG");
+      "=", "!=", "DEPT", "EMP_NO", "TAG", "STAKEHOLDER_SELF", "STAKEHOLDER_CHANNEL");
   private static final Set<String> DEFAULT_COLUMN_RULE_TYPES = Set.of(
       "MY_DEPT", "SELF", "DEPT", "EMP_NO", "TAG");
   private static final Set<String> PERMISSION_EFFECTS = Set.of("ALLOW", "DENY");
diff --git a/src/main/resources/mapper/PermissionMapper.xml b/src/main/resources/mapper/PermissionMapper.xml
index fdc0077..5ccbdcd 100644
--- a/src/main/resources/mapper/PermissionMapper.xml
+++ b/src/main/resources/mapper/PermissionMapper.xml
@@ -93,13 +93,27 @@
                         WHEN pr2.rule_type = 'TAG' THEN 'REGEXP_LIKE(UPPER('
                           || NVL(pr2.rule_column, 'TECH_TAG')
                           || '), ''(^|,)' || REPLACE(UPPER(pr2.rule_value), '''', '''''') || '(,|$)'')'
-                        WHEN pr2.rule_type = 'STAKEHOLDER_SELF' THEN pr2.rule_column
-                          || ' = token stakeholder / 담당계약'
-                        WHEN pr2.rule_type = 'STAKEHOLDER_CHANNEL' THEN pr2.rule_column
-                          || ' = token stakeholder channel / 담당계약'
+                        WHEN pr2.rule_type = 'STAKEHOLDER_SELF' AND pr2.rule_column = 'FC_ID' THEN
+                          '(SYS_CONTEXT(''CB_AGENT_CTX'', ''STAKEHOLDER_ROLE'') = ''' || NVL(pr2.rule_value, '[역할값 필요]') || ''' '
+                          || 'AND FC_ID = SYS_CONTEXT(''CB_AGENT_CTX'', ''STAKEHOLDER_USER_ID''))'
+                        WHEN pr2.rule_type = 'STAKEHOLDER_SELF' AND pr2.rule_column = 'USER_ID' THEN
+                          '(USER_ID = SYS_CONTEXT(''CB_AGENT_CTX'', ''STAKEHOLDER_USER_ID''))'
+                        WHEN pr2.rule_type = 'STAKEHOLDER_CHANNEL' AND pr2.rule_column = 'FC_CHANNEL' THEN
+                          '(SYS_CONTEXT(''CB_AGENT_CTX'', ''STAKEHOLDER_ROLE'') = ''' || NVL(pr2.rule_value, '[역할값 필요]') || ''' '
+                          || 'AND FC_CHANNEL = SYS_CONTEXT(''CB_AGENT_CTX'', ''STAKEHOLDER_CHANNEL''))'
+                        WHEN pr2.rule_type = 'STAKEHOLDER_SELF' THEN
+                          'EXISTS (SELECT 1 FROM POC_2.KB_CONTRACTS c '
+                          || 'WHERE c.' || pr2.rule_column || ' = [CURRENT_ROW].' || pr2.rule_column || ' '
+                          || 'AND SYS_CONTEXT(''CB_AGENT_CTX'', ''STAKEHOLDER_ROLE'') = ''' || NVL(pr2.rule_value, '[역할값 필요]') || ''' '
+                          || 'AND c.FC_ID = SYS_CONTEXT(''CB_AGENT_CTX'', ''STAKEHOLDER_USER_ID''))'
+                        WHEN pr2.rule_type = 'STAKEHOLDER_CHANNEL' THEN
+                          'EXISTS (SELECT 1 FROM POC_2.KB_CONTRACTS c '
+                          || 'WHERE c.' || pr2.rule_column || ' = [CURRENT_ROW].' || pr2.rule_column || ' '
+                          || 'AND SYS_CONTEXT(''CB_AGENT_CTX'', ''STAKEHOLDER_ROLE'') = ''' || NVL(pr2.rule_value, '[역할값 필요]') || ''' '
+                          || 'AND c.FC_CHANNEL = SYS_CONTEXT(''CB_AGENT_CTX'', ''STAKEHOLDER_CHANNEL''))'
                         ELSE pr2.rule_column || ' ' || pr2.rule_type || ' ' || pr2.rule_value
                       END,
-                      CHR(10) || 'AND '
+                      CHR(10) || 'OR '
                     ) WITHIN GROUP (ORDER BY pr2.rule_id)
              FROM cb_permission_rule pr2
              WHERE pr2.perm_id = p.perm_id
diff --git a/src/main/resources/static/js/app.js b/src/main/resources/static/js/app.js
index 361435c..25bbc33 100644
--- a/src/main/resources/static/js/app.js
+++ b/src/main/resources/static/js/app.js
@@ -388,7 +388,7 @@ function syncRuleTypeHints(root = document) {
     }
 
     const type = typeSelect.value;
-    const valueRequired = ['=', '!=', 'DEPT', 'EMP_NO', 'TAG'].includes(type);
+    const valueRequired = ['=', '!=', 'DEPT', 'EMP_NO', 'TAG', 'STAKEHOLDER_SELF', 'STAKEHOLDER_CHANNEL'].includes(type);
     const columnOptional = ['ALL', 'MY_DEPT', 'SELF', 'DEPT', 'EMP_NO', 'TAG'].includes(type);
     const placeholderByType = {
       ALL: '값 불필요',
@@ -397,15 +397,15 @@ function syncRuleTypeHints(root = document) {
       DEPT: '예: HR',
       EMP_NO: '예: E2001',
       TAG: '예: SPRING_BOOT',
-      STAKEHOLDER_SELF: '토큰 이해당사자에서 자동 계산',
-      STAKEHOLDER_CHANNEL: '토큰 채널에서 자동 계산',
+      STAKEHOLDER_SELF: '예: 설계사',
+      STAKEHOLDER_CHANNEL: '예: 지점장',
       '=': '비교 값',
       '!=': '비교 값'
     };
 
     columnSelect.required = !columnOptional;
     valueInput.required = valueRequired;
-    valueInput.disabled = ['ALL', 'MY_DEPT', 'SELF', 'STAKEHOLDER_SELF', 'STAKEHOLDER_CHANNEL'].includes(type);
+    valueInput.disabled = ['ALL', 'MY_DEPT', 'SELF'].includes(type);
     valueInput.placeholder = placeholderByType[type] || '비교 값';
     if (valueInput.disabled) {
       valueInput.value = '';
@@ -705,9 +705,12 @@ function collectWizardRules(root) {
     if (type === 'ALL') {
       return 'ALL';
     }
-    if (['MY_DEPT', 'SELF', 'STAKEHOLDER_SELF', 'STAKEHOLDER_CHANNEL'].includes(type)) {
+    if (['MY_DEPT', 'SELF'].includes(type)) {
       return `${displayColumn} ${type}`;
     }
+    if (['STAKEHOLDER_SELF', 'STAKEHOLDER_CHANNEL'].includes(type)) {
+      return `${displayColumn} ${type} 역할=${value}`;
+    }
     if (type === 'TAG') {
       return `${displayColumn} TAG ${value.toUpperCase()}`;
     }
@@ -740,10 +743,10 @@ function collectWizardPredicates(root) {
       return `${displayColumn} = SYS_CONTEXT('CB_AGENT_CTX', 'EMP_NO')`;
     }
     if (type === 'STAKEHOLDER_SELF') {
-      return `${displayColumn} = SYS_CONTEXT('CB_AGENT_CTX', 'STAKEHOLDER_USER_ID') 또는 담당계약 EXISTS`;
+      return `EXISTS (KB_CONTRACTS c: c.${displayColumn} = <현재행>.${displayColumn} AND TOKEN_ROLE = '${value}' AND c.FC_ID = TOKEN_STAKEHOLDER_ID)`;
     }
     if (type === 'STAKEHOLDER_CHANNEL') {
-      return `${displayColumn} = SYS_CONTEXT('CB_AGENT_CTX', 'STAKEHOLDER_CHANNEL') 또는 담당계약 EXISTS`;
+      return `EXISTS (KB_CONTRACTS c: c.${displayColumn} = <현재행>.${displayColumn} AND TOKEN_ROLE = '${value}' AND c.FC_CHANNEL = TOKEN_CHANNEL)`;
     }
     if (type === 'DEPT' || type === 'EMP_NO') {
       return `${displayColumn} = ${sqlLiteral(value)}`;
@@ -869,7 +872,7 @@ function permissionWizardRuleValidationMessage(wizard) {
   if (values.some((rule) => rule.type === 'ALL') && values.length > 1) {
     return 'ALL 규칙은 다른 조건 규칙과 함께 저장할 수 없습니다. ALL만 남기거나 ALL을 삭제하세요.';
   }
-  const valueRequired = ['=', '!=', 'DEPT', 'EMP_NO', 'TAG'];
+  const valueRequired = ['=', '!=', 'DEPT', 'EMP_NO', 'TAG', 'STAKEHOLDER_SELF', 'STAKEHOLDER_CHANNEL'];
   const seen = new Set();
   for (const [index, rule] of values.entries()) {
     const position = index + 1;
diff --git a/src/main/resources/templates/permissions.html b/src/main/resources/templates/permissions.html
index 426f298..7d03046 100644
--- a/src/main/resources/templates/permissions.html
+++ b/src/main/resources/templates/permissions.html
@@ -8,7 +8,7 @@
     <h1>접근 규칙</h1>
     <details class="explanation-details">
       <summary>도움말</summary>
-      <p>VPD policy function이 참조할 사용자, 역할, 행 규칙, 컬럼 원문 허용 규칙을 저장합니다. KB 원장 예제에서 <code>STAKEHOLDER_SELF</code>는 토큰의 이해당사자 ID, <code>STAKEHOLDER_CHANNEL</code>은 역할에 연결된 채널로 행 범위를 계산합니다.</p>
+      <p>VPD policy function이 참조할 사용자, 역할, 행 규칙, 컬럼 원문 허용 규칙을 저장합니다. KB 원장 예제는 토큰 주체에서 한 번 해석한 이해당사자 ID·역할·채널을 secure context로 사용하고, 대상 고객은 계약원장으로만 연결합니다. <code>STAKEHOLDER_SELF</code>와 <code>STAKEHOLDER_CHANNEL</code>은 각각의 역할 분기로 만들고 허용 분기끼리는 OR로 계산합니다.</p>
     </details>
   </div>
 
@@ -178,7 +178,7 @@
           </div>
           <details class="explanation-details">
             <summary>행 규칙과 기술 태그 OR 조건 보기</summary>
-            <p class="wizard-hint">특정 기술 태그는 기본적으로 <code>TECH_TAG</code> 컬럼을 봅니다. 같은 ALLOW 권한에 태그를 여러 개 추가하면 “태그 A 또는 태그 B”로 조회됩니다. <code>이해당사자 본인 담당</code>은 <code>FC_ID</code>를 직접 비교하거나 <code>CUST_ID</code>/<code>CONTRACT_NO</code>를 계약원장에 안전하게 연결합니다. <code>이해당사자 채널 범위</code>도 같은 방식으로 <code>FC_CHANNEL</code>을 비교합니다. 두 이해당사자 규칙은 비교할 컬럼을 반드시 선택하세요.</p>
+            <p class="wizard-hint">특정 기술 태그는 기본적으로 <code>TECH_TAG</code> 컬럼을 봅니다. 같은 ALLOW 권한에 태그를 여러 개 추가하면 “태그 A 또는 태그 B”로 조회됩니다. 이해당사자 규칙은 <strong>비교 컬럼</strong>과 <strong>업무 역할값</strong>(예: 설계사, 지점장)을 모두 입력하세요. 토큰을 해석한 뒤 <code>STAKEHOLDER_USER_ID</code>·<code>STAKEHOLDER_ROLE</code>·<code>STAKEHOLDER_CHANNEL</code> context를 사용합니다. <code>STAKEHOLDER_SELF</code>은 <code>c.FC_ID = context 사용자</code>, <code>STAKEHOLDER_CHANNEL</code>은 <code>c.FC_CHANNEL = context 채널</code>이며 서로 다른 허용 규칙은 OR로 결합됩니다.</p>
           </details>
         </div>
       </div>
@@ -241,6 +241,7 @@
 
   <section class="content-band">
     <h2>접근 규칙 목록</h2>
+    <p class="section-subtitle">같은 보호 대상에 적용되는 ALLOW 역할 분기와 한 권한 안의 여러 행 규칙은 OR로 합칩니다. 예를 들어 설계사 본인계약 분기 또는 지점장 채널 분기 중 하나라도 성립하면 행이 허용됩니다. DENY 분기는 허용 결과에서 별도로 제외됩니다.</p>
     <div class="table-responsive">
       <table class="table table-sm align-middle permission-list-table">
         <thead>
diff --git a/src/test/java/com/cloudhandson/vpdbackoffice/service/PermissionServiceTest.java b/src/test/java/com/cloudhandson/vpdbackoffice/service/PermissionServiceTest.java
index a7bfbdd..77f8e70 100644
--- a/src/test/java/com/cloudhandson/vpdbackoffice/service/PermissionServiceTest.java
+++ b/src/test/java/com/cloudhandson/vpdbackoffice/service/PermissionServiceTest.java
@@ -175,8 +175,8 @@ class PermissionServiceTest {
         "SELECT",
         "ALLOW",
         List.of(
-            new RuleCommand("DEPT_CODE", "STAKEHOLDER_SELF", null),
-            new RuleCommand("OWNER_EMP_NO", "STAKEHOLDER_CHANNEL", null)
+            new RuleCommand("DEPT_CODE", "STAKEHOLDER_SELF", "설계사"),
+            new RuleCommand("OWNER_EMP_NO", "STAKEHOLDER_CHANNEL", "지점장")
         ),
         List.of()
     );
@@ -205,6 +205,22 @@ class PermissionServiceTest {
         .hasMessageContaining("컬럼이 필요");
   }
 
+  @Test
+  void rejectsStakeholderContextRuleWithoutExpectedRole() {
+    var command = new PermissionSetCommand(
+        10L,
+        1L,
+        "SELECT",
+        "ALLOW",
+        List.of(new RuleCommand("DEPT_CODE", "STAKEHOLDER_SELF", null)),
+        List.of()
+    );
+
+    assertThatThrownBy(() -> permissionService.savePermissionSet(command))
+        .isInstanceOf(AppException.class)
+        .hasMessageContaining("값이 필요");
+  }
+
   @Test
   void acceptsMultipleVisibleColumns() {
     var command = new PermissionSetCommand(